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<br />1. Principal payoff on space one <br />2. Principal payoff on space two <br />3. Principal payoff on spaces three, four, & five <br />4. Accrued interest calculated as simple interest <br />Total (due 4-1-2007) <br /> <br />$ 208,515.69 <br />370,399.16 <br />1,925,722.00 <br />1.739.301.70 <br />$4,243,938.55 <br /> <br />The future payments on $4,243,938.55 due 4-1-2017 plus simple interest at 3.137% <br />equals a combined total of$5,553,073.88. <br /> <br />The present value of$5,553,073.88, assuming the average value of money over the next <br />ten years at 5%, is equal to $3,635,819.24. (See Schedule B). <br /> <br />I would be pleased to discuss this item with whomever you designate at your <br />convenience. <br /> <br />Sincerely, <br /> <br />Ernest R. Clark <br />City Manager <br /> <br />EC/ga <br />Enclosures <br /> <br />cc: Jan Hotubee, US Army Corps of Engineers <br /> <br />,..- -. <br />